OECD: Brexit, migrant crisis threaten Europe recovery

Economic think-tank warns Europe’s economy is still not completely at pre-financial crisis levels

LONDON (AA) – Recovery in Europe’s economy risks being shaken by the migrant crisis and a possible British exit from the EU, an international economic think-tank warned on Friday.

The latest economic survey from the Organisation for Economic Co-operation and Development (OECD) found that growth had strengthened in Europe since the financial crisis of 2007-08, but that investment still remained below pre-crisis levels in some countries.

Presenting to the survey results, OECD secretary-general Angel Gurria said: “Europe has put the worst of the crisis behind it, but there is still much more to do to support a full robust recovery that benefits all Europeans.”

But, he added, European countries needed to continue working together to ensure shared problems like the migrant crisis are resolved effectively.

Gurria continued: “The alternative to collective action is not the status quo, but something worse: the risk that Europe will move backwards. This would jeopardize what has been achieved to date by the single market and the rest of the EU acquis, decreasing growth and destroying jobs across Europe.”

He added that a possible British exit from the European Union later this month would pose important risks for growth in the short term and for the future of the European project in the longer term.